Our last blog suggested a few ways you could possibly save money on your home remodel. This blog focuses on reasons WHY you should always look for ways to save money.
The ROI for remodeling varies, depending on the type and extent of the project. Here’s a pretty good video that explains the 2018 Cost vs. Value Report of Common Home Remodeling Projects.
Hidden Costs of Remodeling
Your budget for remodeling is sure to include items like flooring, paint, fixtures, cabinets, etc.; i.e., those physical items that you know will need to be installed or replaced. However, there are other necessities in remodeling that you may not think of. Here are some examples:
1. Plumbing, Electricity and other Utilities
With any home remodeling project, it is possible that plumbing and other utilities could be affected. Plumbing is definitely a factor when adding or remodeling bathrooms and kitchens. Any time you install, modify or relocate a sink, tub, or any other fixture requiring water hookup, plumbing work is involved that usually requires a professional to make sure the job is done right.
Electrical wiring is involved when installing any type of electrical appliance or fixture. Changing or adding lighting, ceiling fans, fireplaces, kitchen appliances and the like all require connectivity to a power source. Again, these installations may warrant hiring a professional as opposed to doing the work yourself, which will, of course, cost more.
2. Building Codes
Modifying a building often requires inspections to ensure that the modification meets all local codes and complies with standards and laws. These are necessary for the continued health and safety of the premises and its occupants. Inspections can cost money, but even more so, the changes that may be required as a result of the inspection can be considerable.
Violations can result in much higher costs, since you may be ordered to remove the addition or modification. So it’s best to know what the codes are and the process for getting permits before you even begin the actual work.
3. Debris Removal and Cleanup
Remodeling is a messy process, with lots of rubble that needs to be removed. If the remodeling job is being done by professionals, make sure that the contract includes cleanup and removal. Of course, this process requires time, so it will affect the overall cost.
If you are doing the remodeling job yourself, you may need to rent a portable dumpster and dump the rubbish yourself. Make sure you get permission to do so because if you’re caught doing so illegally, it could result in hefty fines and worse. Also, dumping items that are restricted, like chemicals and electronics, must be disposed of properly.
You can also hire a company that specializes in rubbish removal. A simple Google search will produce companies in your area that provide this service at variable prices.
4. Higher Energy Costs
The process of remodeling usually requires the use of electrical tools, which suck up additional costly power. Contractors will be entering and exiting the home frequently, which will spike up the cost of cooling or heating it.
Don’t forget about the extra cost after the renovation! If you’re expanding your current space or adding rooms, you may be surprised how much the cost of heating and cooling it will increase.
5. Financing the Remodel
Depending on the extent of your remodeling project, you may not have the funds on hand to pay for it in its entirety. This can be true whether you decide to embrace the project yourself, or hire a professional contractor to complete the renovation.
Many homeowners will secure a personal loan, use a credit card, or add home equity loan to their current mortgage in order to pay for the remodeling effort. Doing so will result in interest charges, so the actual cost will increase exponentially as a result. Even if you use money you currently have saved or invested, you’ll be losing the interest that would have been gained by keeping it invested.
Hire Finnteriors as Your Home Remodeling Contractor
Remodeling your home on a budget is possible if you know what to consider. And if you want to hire the best, consider hiring Finnteriors as your home remodeling experts.
Finnteriors has been in the home remodeling business for over 30 years. We have successfully completed many projects, small and large. We work around your budget so you needn’t worry about cost overruns.
Contact us today to find out how we can help you remodel your home, on time and in budget.